Avoid Penalties! Missing today’s deadline for advance tax payment for the financial year 2024-25 could lead to penalties.

Act, 1961, individuals whose estimated tax liability exceeds Rs 10,000 during the year are required to pay advance tax.

Under section 208 it is obligatory to pay advance tax during the financial year in every case where the advance tax payable is Rs. 10,000 or more. Thus if the advance tax payable is less than Rs.

If you fail to adhere to the rules and due dates, you may have to pay a penalty. You will have to pay simple interest of 1 percent per month on the under-payment or non-payment of advance tax by ...

Income tax rules require taxpayers to submit advance tax if their overall tax liability for the financial year exceeds Rs ...

Failure to pay advance tax may entail interest implications u/s 234B and 234C of the IT Act," Dr Surana added. Penalty and interest if you fail to pay Taxpayers failing to pay their advance taxes ...

Those who fail to file on time will receive a letter notifying them of an impending “failure to file” penalty. The penalty is ...

The last date to pay the advance tax is March 15, 2025. The I-T department has said that taxpayers paying on time not only save themselves from penalties but also contribute towards the “Viksit ...